nativetulip087

Continued Chop // DXY Liquiduity Purge validates BTC Longs

Long
BINANCE:BTCUSDT   Bitcoin / TetherUS
DXY broke above key target ~92.68, but was strongly rejected by the ascending trendline. (as per previous idea)

DXY is currently in open space, leaving some uncertainty for BTC .

Extension from the 20W SMA has touched local lows, with potential to revisit further lows of late June.

With BTC nearing strong support $31,000, we can assume any continued downside in the DXY would result in a front-run of longs in BTC .

Smart money is DCAing now.

Limit set: $31,450 // S/L $30,780 // T/P - tbc

Longs validated.

Comments

Stop loss triggered.

Longs still valid at these levels. r/r preserved with mid frame close above support @ $31,000.

DXY reaching up to strong resistance, DOW Jones looking to rebound from support, and negative narrative around BTC is forming a perfect storm.

Probable that current dip is a short purge, although vol of shorts does need to increase slightly.
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S/L moved from $30,780 to $29,740
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Limit hit $31,450

Longs valid, strong position with narrative forming over the coming week.

Potential for 20%+ here.

Stop loss set as always.
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Limit just missed. Still possibility to hit before recovery.

Longs still valid
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